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<keyword id="19898109" type="General" weightage="100" keywordseo="Paytm" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm" meta.hostid="261" meta.entityid="Paytm">Paytm</keyword> has regained approval from the National Payments Corporation of India (<keyword id="19998946" type="General" weightage="20" keywordseo="NPCI" source="keywords">NPCI</keyword>) to onboard new UPI users, marking a significant turnaround for the fintech giant. This development follows a setback earlier this year when <keyword id="20410154" type="General" weightage="20" keywordseo="Paytm-Payments-Bank-Limited" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm Payments Bank Limited" meta.hostid="261" meta.entityid="Paytm Payments Bank Limited">Paytm Payments Bank Limited</keyword> (PPBL), an associate company of Paytm, was barred from adding new users to its UPI platform due to regulatory concerns raised by the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI). <h2>Paytm gets permission to onboard new UPI users </h2> In a regulatory filing on Tuesday evening, Paytm disclosed that NPCI granted permission for the company to resume onboarding UPI users, provided it complies with all procedural guidelines and circulars issued by the corporation. “We would like to inform you that vide letter dated October 22, 2024, the National Payments Corporation of India (NPCI) has granted approval to the Company to on-board new UPI users, with adherence to all NPCI procedural guidelines and circulars,” Paytm said in the filing. This move is seen as a relief for the company, which has been under scrutiny following the RBI’s intervention in January. The NPCI, which had previously allowed Paytm to operate as a Third-Party Application Provider (TPAP) for UPI transactions, has now reinstated its ability to bring new users onto the platform, albeit with strict conditions. Paytm can continue UPI operations through its partnerships with major banking institutions, including SBI, HDFC Bank, Axis Bank, and YES Bank. The NPCI’s approval comes after a thorough review of Paytm’s compliance with procedural guidelines, including those pertaining to risk management, app branding, multi-bank participation, and data privacy. The fintech firm has been instructed to adhere to key regulatory frameworks, such as the Payments and Settlement Act of 2007 and the Digital Personal Data Protection Act of 2023. This approval follows a request by Paytm’s parent company, <keyword id="20253123" type="General" weightage="20" keywordseo="One97-Communications" source="keywords">One97 Communications</keyword> Ltd (OCL), in August, seeking permission to resume UPI onboarding. The NPCI’s decision also reflects that Paytm has addressed concerns raised in the RBI’s directive from earlier this year, which had highlighted persistent non-compliance issues with its banking subsidiary, PPBL. On a related note, Paytm reported a strong financial performance for the quarter ending September 2024. The company posted a net profit of ₹928.3 crore, a marked improvement from the ₹290.5 crore loss it recorded during the same period last year. <h2>What had happened? </h2> For the unversed, in January 2024, the Reserve Bank of India (RBI) told Paytm Payments Bank Limited (PPBL) to stop accepting deposits and processing UPI top-ups. This decision stemmed from ongoing concerns about the bank’s compliance and serious issues that needed addressing. As a result, Paytm found itself unable to onboard new UPI users, significantly disrupting its growing customer base and raising doubts about its future in the crowded <keyword id="19989657" type="General" weightage="20" keywordseo="digital-payments" source="keywords">digital payments</keyword> market. However, things took a turn for the better in March 2024 when the National Payments Corporation of India (NPCI) gave Paytm the green light to resume UPI transactions. The catch? Paytm could only operate as a Third-Party Application Provider (TPAP), meaning it had to partner with established banks like SBI, Axis Bank, HDFC Bank, and YES Bank for its UPI services. While this arrangement posed some limitations, it allowed Paytm to keep moving forward and adapt to the regulatory challenges it faced in India’s digital payment landscape. (with PTI inputs)

Paytm can onboard new UPI users again, receives NPCI nod months after RBI restrictions

New Delhi: Online food delivery platform <keyword id="19901323" type="General" weightage="100" keywordseo="Zomato" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato" meta.hostid="83" meta.entityid="Zomato">Zomato</keyword> will acquire <keyword id="19898109" type="General" weightage="20" keywordseo="Paytm" source="keywords" meta.keywordsubtype="org" meta.entityname="Paytm" meta.hostid="83" meta.entityid="Paytm">Paytm</keyword>'s entertainment <keyword id="20028334" type="General" weightage="20" keywordseo="ticketing" source="keywords">ticketing</keyword> business for Rs 2,048 crore to strengthen its "going-out" segment in a deal that will help the troubled fintech firm to sharpen its focus on core payments and financial services distribution. Paytm's entertainment ticketing business covers movies, sports, and events (live performances). The boards of Zomato and One 97 Communications Ltd (OCL) have approved the all-cash deal. As part of this agreement, OCL's entertainment ticketing business will transfer business to its 100 per cent subsidiaries Orbgen Technologies Pvt Ltd (OTPL) and Wasteland Entertainment Pvt Ltd (WEPL), followed by the sale of 100 per cent stake in these subsidiaries (which operate the TicketNew and Insider platforms) to Zomato. Subsequently, Zomato will spin off the new business into a new app called 'District'. Under the deal, Zomato will fully acquire Orbgen Technologies Pvt Ltd (OTPL), which is into movie ticketing, for Rs 1,264.6 crore and buy Wasteland Entertainment Pvt Ltd, which is into events ticketing for Rs 783.8 crore. The combined entertainment ticketing business has a scale of Rs 297 crore in revenue and Rs 29 crore in adjusted EBITDA in FY24. "The transfer will also include around 280 existing employees from the entertainment ticketing business," OCL said in a statement, adding that the transaction generates significant profits for Paytm and cash proceeds will further strengthen the balance sheet. Announcing the deal, Paytm said it allows the fintech to strengthen its focus on core payments and financial services distribution. Paytm said with its strong focus on long-term value creation, the company remains confident in substituting revenue from its entertainment ticketing business by expanding core business areas of payments and financial service distribution. "This move allows us to continue focusing on long-term growth in our core areas and value creation for all stakeholders," a Paytm spokesperson said. On the other hand, Zomato Managing Director and CEO <keyword id="19901325" type="General" weightage="20" keywordseo="deepinder-goyal" source="keywords">Deepinder Goyal</keyword> in a letter to shareholders said, "The proposed acquisition helps us add more scale and offer newer use-cases (like movie and sports ticketing) to our customers in this segment". Zomato believes the deal makes it more relevant to its customers and gives an opportunity to spin off the business into a new app. "We are going to call it District, which could be a game changer for each of these use cases given the need for a single brand as a destination in this segment," Goyal added. Zomato is keen to position 'District' as the brand that consumers turn to when they are thinking of going out, he added. OTPL was incorporated on November 23, 2007, in India. It is in the business of listing and sale of movie tickets and other services. It had a turnover of Rs 13.14 crore in the fiscal ended March 31, 2024. WEPL was incorporated on December 21, 2015. It is in the business of listing and sale of event tickets and other services. Its turnover in the FY24 was Rs 236.03 crore. Paytm said the move to sell its entertainment ticketing business underscores its core focus on payments and financial services distribution. "In recent quarters, the company has also expanded its offerings in insurance, equity broking, and wealth distribution, with a significant opportunity to cross-sell these services and grow its market presence as a leading financial services distribution player," Paytm said. During a transition period (up to 12 months), the movie and event tickets will continue to be available on the Paytm app, as well as on the TicketNew and Insider platforms, ensuring a smooth and uninterrupted experience for users and merchant partners. Paytm said the deal underscores its success in building businesses and creating value for shareholders. Zomato's Goyal said the District app is expected to be launched anytime in the next few weeks. Post this acquisition, he said Zomato's going-out business would be spread across multiple different platforms. Its existing going-out business (dining-out + event ticketing) would continue to run on the Zomato app, and the acquired business -- movie, sports and event ticketing -- would continue to run on Paytm's main app for a transition period of up to 12 months, along with Insider and TicketNew apps. Both of these would get transferred to Zomato as part of the transaction. District app will duplicate the offerings above and over time, we will gradually nudge our customers to move from the Zomato, Paytm, Insider, and TicketNew apps to the District app. "Once most customers start transacting on the District app, we will remove the duplication and shut down this business on all the other apps. Eventually, there will just be a button to launch the District app on the Zomato app (like it is for Blinkit today) so that we continue to tap into the large customer base of Zomato," he added.

Zomato to acquire Paytm's entertainment ticketing business for Rs 2,048 crore

New Delhi, <keyword id="20004114" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="keywords">Vijay Shekhar Sharma</keyword>, one of the most recognised faces of India's fintech industry, has seen a fair share of controversies. Sharma launched <keyword id="19898109" type="General" weightage="20" keywordseo="paytm" source="keywords">Paytm</keyword> - an acronym for 'pay through mobile' - offering mobile recharges. He launched wallet services in 2011 but the big push came with the 2016 demonetisation. He took out front-page ads in top newspapers with Prime Minister Narendra Modi's photo, calling demonetisation the "boldest decision in the financial history of independent India". With fewer currency notes in circulation, Paytm was on a roll. Sharma made a splash in 2018 by getting USD 300 million investment in Paytm from <keyword id="19921921" type="General" weightage="20" keywordseo="warren-buffett" source="keywords">Warren Buffett</keyword>'s Berkshire Hathaway. *Controversies* Paytm was mired in controversies with its Chinese connection following huge investments from Alibaba Group. The Chinese internet firm became the biggest shareholder in Paytm with a 34.7 per cent stake before the company's initial public offer. Alibaba group firm Antfin sold around 5 per cent shares to lower its stake below 25 per cent to comply with regulatory requirements at the time of IPO. To shed its Chinese-owned entity image, Paytm in August 2023 announced that founder and CEO Vijay Shekhar Sharma would acquire a 10.3 stake in Antfin through his overseas entity Resilient Asset Management BV which will make him the largest stakeholder in the company with 19.42 per cent stake. In return, Resilient issued a debt instrument --optionally convertible debentures, to Antfin thereby maintaining the economic interest of Alibaba group firm. With this transaction, Antfin's direct stake in Paytm was reduced to 13.5 per cent. Antfin further sold 3.6 per cent in Paytm to bring its shareholding to less than 10 per cent and at present holds 9.89 per cent of the fintech firm. The company's market cap has eroded drastically since the time of its listing. The company's IPO opened on November 8, 2021, in the price band of Rs 2,080-2,150 per share. The Paytm IPO made history with over Rs 18,300 crore share sale 'making it the largest public issue in India's corporate history. But the company's stock made a weak debut in the market on November 18 and hit a lower circuit after recording about 20 per cent decline during trading hours. It finally closed at Rs 1,560, down by about 27 per cent, compared to its issue price of Rs 2,150. Since then, Paytm shares have not been able to cross even half the mark of the issue price. After the <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>'s January 31 move, One97 Communications shares tanked around 40 per cent to close at Rs 487.05 on BSE on Friday. Billionaire businessman <keyword id="19952201" type="General" weightage="20" keywordseo="warren-buffet" source="keywords">Warren Buffet</keyword>'s Berkshire Hathaway sold its stake in Paytm at a loss of 31 per cent per share in November 2023. Berkshire Hathaway had invested in Paytm for about Rs 1279 per share but sold it for Rs 877.29 apiece. At present, Cayman Island-registered SAIF III Mauritius Company Limited is the single largest direct shareholder in Paytm with a 10.83 stake followed by Sharma's Resilient Asset Management BV with a 10.29 per cent stake. SAIF Partners is led by Chinese-origin entrepreneurs with Andrew Y Yan as its managing partner. *Paytm run-ins with RBI* RBI on June 19, 2018, prohibited Paytm Payments Bank from opening any new account and wallet with effect from June 20, 2018, on account of supervisory concerns, which were lifted by RBI on December 27, 2018, with effect from December 31, 2018. The Office of Banking Ombudsman issued a show-cause notice dated March 6, 2019, for Paytm Payments Bank's failure to monitor a certain account maintained with it which had shown a sudden increase in the velocity of daily transactions involving immediate transfer to other banks. The actions were found to be in the violation of RBI's provisions on KYC. RBI rejected Paytm Payments Services Ltd's (PPSL) application to operate as a payment aggregator on November 25, 2022. The banking regulator asked the firm to re-submit applications within 120 days after it gets government approval on investment made by OCL into PPSL as per FDI guidelines. The regulator asked PPSL to continue operations with the condition that no new merchants should be onboard. After completion of 120 days, RBI again granted PPSL an extension but without removing the bar on new merchant onboarding. RBI issued a show cause notice to PPBL on July 29, 2021 for submitting false information to RBI confirming completion of the transfer of the Bharat Bill Payment Operating Unit ("BBPOU") by OCL to PPBL on August 28, 2017. The actual transfer of the BBPOU business by the Company to PPBL was completed only by March 31, 2021. RBI on October 1, 2021, imposed a penalty amounting to Rs 1 crore on PPBL for a contravention of the Payment and Settlement Systems Act, 2007. RBI imposed a penalty of Rs 5.93 crore on PPBL on October 10, 2023, after it found several non-compliances including banks failure to identify beneficial owners in respect of entities on-boarded by it for providing payout services. RBI found that PPBL did not monitor payout transactions and carry out risk profiling of entities availing payout services, breached the regulatory ceiling of end of the day balance in certain customer advance accounts availing payout services. The banking regulator found that PPBL reported a cyber security incident with delay and failed to implement device binding control measures related to 'SMS delivery receipt check'. PPBL video-based customer identification process infrastructure failed to prevent connections from IP addresses outside India.

Vijay Shekhar Sharma: The controversies of the architect of fintech

India is rapidly becoming a digital economy, much ahead of many developed countries. The widespread adoption of digital payments in the country has set an example for the world. One company that has been instrumental in driving this transformation is Paytm. The journey of mobile payments in the country is synonymous with the journey of India’s leading fintech company. Through a wide range of payments and financial services offered by Paytm along with its cutting-edge products, have revolutionised the payments landscape in India. It was Paytm that brought the QR code to India, teaching ‘scan and pay’ to millions. While the launch of QR code changed the payments game entirely, the icing on the cake came with the launch of <keyword id="9418617" type="General" weightage="100" keywordseo="paytm-soundbox" source="Orion">Paytm Soundbox</keyword>, a first-of-its-kind device that provided audio confirmations on successful payments. Strengthening its leadership in in-store payments and taking its payment suffering a notch higher, the company recently launched an innovative device - <keyword id="18606921" type="General" weightage="20" keywordseo="paytm-pocket" source="Orion">Paytm Pocket</keyword> Soundbox. The lightweight portable device is designed for merchants on the move like auto drivers, electricians, delivery agents, cart vendors and several others. The ‘Made in India’ device fits right into the pocket like a small debit card. The company also launched <keyword id="18468098" type="General" weightage="20" keywordseo="paytm-music" source="Orion">Paytm Music</keyword> Soundbox to enable some music, listen to match commentary, news while also receiving payment notifications. Here’s how you can order Paytm Pocket Soundbox and Paytm Music Soundbox: <ol><li>Open the Paytm for Business app</li><li>Click on the soundbox banner or on 'Soundbox' icon on the homepage</li><li>You will be taken to the Soundbox device page where you can choose your preferred language</li><li>Post that, Click 'Buy Now' to place your order</li></ol>Paytm Soundbox, the iconic payments device has become omnipresent across the country. The sound of payment confirmation from Paytm Soundbox is like music to the merchant's ears and its impact can be seen with its ubiquitous presence everywhere from street vendors to grocery stores across the country. It would be safe to say that Paytm Soundbox has become the sound of merchant transactions in India. In fact, the global brokerage firm BofA after its offline primary checks stated that Paytm appears to dominate the Soundbox market in Mumbai. “In areas we visited, most of the devices were installed in small Kiranas, sweet shops, cigarette kiosks, salons, small mobile merchants' vs bigger shops. A common theme was these outlets had fast shopper intensity at a limited store size/area. During peak load hours, it became easy for shopkeepers to keep a tab on payments; Not many were savvy in using mobile phones and hence preferred this,” said BofA in a report released on June 29. The rapid adoption of Paytm Soundbox after its introduction in 2019 reflects growing trust in the tech innovator that ensures convenient and quick payment experience to all. The small portable device offers instant audio confirmation in 11 languages and provides a battery back-up of 7 days, the best in the industry. The highly durable device also comes in a 4G-enabled variant which provides stable connectivity for real time payments. In areas where the 4G network does not work, it automatically shifts to the 2G network for uninterrupted connectivity. What makes Paytm Soundbox stand out among others is that it is completely Made in India. Paytm has strengthened its leadership in in-store payment devices with a cumulative deployment of 82 lakh devices including Soundbox and Paytm Card Machines. So far till July 2023, the company has added more than 24 lakh merchants who are paying subscriptions for its devices. As India’s leading payments company, Paytm has been rapidly expanding its merchant base and helping them with a seamless transition to digital. The company’s technology-led innovations have made it the most preferred choice for merchants who want to scale their business. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in

From teaching Indians to scan and pay to now a Soundbox that fits in your pocket — how Paytm rules in-store payments

India is on a fast-track to becoming a digital powerhouse and the adoption of mobile payments has crossed new milestones. Fintech giant <keyword id="6357120" type="General" weightage="40" keywordseo="paytm" source="Orion">Paytm</keyword> has a pivotal role in India’s digital transformation through its innovative and easy-to-use solutions. Paytm pioneered QR Codes that have changed the entire payments landscape, teaching ‘scan and pay’ to millions of users. With the launch of <keyword id="9418617" type="General" weightage="100" keywordseo="paytm-soundbox" source="Orion">Paytm Soundbox</keyword> in 2019, in-store payments got a complete overhaul. Paytm became the first company to introduce audio payment alerts through its iconic Soundbox. This portable device has become a common sight across the country with its audio alerts becoming synonymous with successful transactions. According to Paytm’s Annual Report for FY23, over 13.72 billion online payment transactions were processed through its Soundbox devices in the last one year (April 2022 - March 2023). This is a testament of how Paytm’s innovative device continues to be the leading in-store payment solution in the country. It is also a sustainable business solution as it has helped save paper slips worth 12.07 million pounds in FY23. <cmsannotation type="cmsannotation" annotationid="Paytm Soundbox - The Sound of India’s Growing Economy" comment="subhead" text="Paytm Soundbox - The Sound of India’s Growing Economy">Paytm Soundbox - The Sound of India’s Growing Economy</cmsannotation> Paytm All-In-One Soundbox has created a wave among merchants in the country being the first-ever device that enabled them to easily keep track of payments received from customers through audio payment confirmations. The first-of-its-kind IoT device supports 11 regional languages - English, Hindi, Tamil, Telugu, Kannada, Marathi, Malayalam, Bengali, Gujarati, Punjabi and Odia. Paytm Soundbox has significantly reduced customer fraud and risks of false confirmations and building trust between merchants and customers through its devices. Taking its innovations a step further, Paytm recently launched two new 100% indigenous devices – Paytm Music Soundbox and Paytm Pocket Soundbox, further strengthening its payment monetisation. The convenience offered by Paytm Soundbox has taken over the country’s imagination, providing a seamless, instant, and secure payment experience to users. Driving flexibility for users, Paytm Soundbox enables merchants to accept multiple payment methods such Paytm Wallet, Paytm Postpaid (BNPL), Paytm UPI, Paytm UPI Lite, net banking &amp; cards. Paytm Soundbox continues to be the most preferred choice for merchants in the country empowering them with unique offerings such as credit facility, 4G connectivity and cashbacks. Paytm continues to be the market leader in in-store payments, with 82 lakh devices like Paytm Soundbox and Card Machines, deployed at the end of July 2023. The company has added 3.8 lakh devices, crossing a new milestone in in-store payments. As India’s leading payments and financial services company, Paytm ground-breaking innovations have emerged as a disrupter in the mobile payments ecosystem, playing an instrumental role in setting the benchmark for in-store payments in the country. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in

Paytm Soundbox achieves 13.72 billion transactions in FY23 – reinforcing in-store payments dominance

For any business to grow successfully, digitisation is the key. As mobile payments are becoming mainstream, <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword> has played a key role in this transformation, empowering millions of merchants with comprehensive payment instruments. The fintech giant has been driving innovation with solutions for merchants to easily adopt in a technology-first world. Paytm Card Machine has emerged as a preferred choice among merchants, enabling them with a one-stop solution for all their business needs. With Paytm Card Machine, customers can make payments with multiple payment modes including UPI, Wallet, Credit /Debit card, and Net Banking. While card swiping machines have been in place before mobile payments came into the play, Paytm Card Machine’s all-in-one features has made the company’s card machine more popular among merchants. The smart device can be used anywhere from restaurants, cafes or even while out on deliveries. <div type="Youtube" id="d7SKxzr1CuQ" title="How Paytm Card Machine Transformed in-store Payments For Merchants" thumbUrl="https://i.ytimg.com/vi/d7SKxzr1CuQ/mqdefault.jpg"><url><![CDATA[https://www.youtube.com/watch?v=d7SKxzr1CuQ]]></url></div> The portable Paytm Card Machine eases payments acceptance for merchants and is packed with features that enables them to manage the whole store from the device. It allows merchants to easily print bills and track sales as it comes with an in-built scanner and printer wherein a merchant can also print GST compliant bills. Additionally, the in-built scanner of Paytm Card Machine allows merchants to scan the barcodes on the products and details like quantity, price and the product name will reflect in the bill. This helps in reducing time and effort for merchants in manually adding these details, ensuring hassle-free and quick billing. Moreover, the all-in-one Paytm Card Machine is also capable of customising solutions based on merchants’ needs and industry specific requirements for those in retail, hotel and restaurants, ticketing etc. The device can also be used to track sale performance and track inventory. Paytm has also partnered with more than 20 banks to enable special offers and discounts for customers on the purchase of high ticket items. Adding to it, Paytm All-in-One card machine is a portable device that not only allows merchants to accept card and QR payments but also has EMI feature enabled, driving affordability for consumers. This means while buying a product a consumer can also convert the cost of purchase into small repayments making it an affordable purchase. It also helps the merchant retain their customers while increasing the ticket size of transactions. Paytm’s operating performance of July showed a strong growth momentum in the merchant payment volume (GMV) and increase in devices deployed across the country. Its leadership in in-store payments has strengthened with 82 lakh devices deployed as of July 2023, an increase of 3.8 lakh devices from last month and 41 lakh devices year-on-year. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in

Fintech pioneer Paytm is expanding its in-store payments leadership with its All-in-One Card Machine

When it comes to digital payments, UPI has become the most preferred option for consumers. According to NPCI, 9.96 billion transactions worth ₹15.34 lakh crore were processed through UPI in July 2023. Taking the popularity of UPI a step ahead, UPI Lite has taken over the country’s imagination for small-value transactions up to ₹200 in a single-click. Since its launch earlier this year, UPI Lite has seen massive adoption in the country with more than 10 million transactions being processed through it in a month. <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword> was the first to introduce UPI Lite for small value transactions, emerging as the leading payments platforms for UPI Lite. In fact, over 63% of all UPI Lite payments through Paytm QR Codes are from <keyword id="1736801" type="General" weightage="20" keywordseo="paytm-app" source="Orion">Paytm app</keyword>. Paytm Payments Bank has recorded over 50 million UPI Lite transactions so far, with over 9 million users. Having been the first payments bank to go live with UPI Lite, <keyword id="16361842" type="General" weightage="100" keywordseo="paytm-upi-lite" source="Orion">Paytm UPI Lite</keyword> has recorded a total transaction GMV of ₹280 crore till date. Recognising the transformative impact of UPI Lite in everyday lives and its widespread popularity, the Reserve Bank of India recently announced an increase in its transaction limit from ₹200 to ₹500. To further boost the adoption of UPI Lite, the apex bank is also set to introduce offline payments through UPI Lite by leveraging Near Field Communication (NFC) technology. Paytm UPI Lite has been designed for superfast and secure transactions to empower users with lightning-fast payments that never fail. With Paytm UPI Lite, users can make single-click payments even when banks have success rate issues during peak transaction hours. This is because UPI Lite saves the core banking system from stress, as the transactions will happen directly between a device and NPCI, not using the core banking system. One of the major benefits of Paytm UPI Lite is that individual payments made through it are not reflected in the bank passbook, offering a clean bank statement. Only a single entry for adding UPI Lite balance is shown which is a maximum of ₹2,000 that can be added twice a day, making the cumulative daily usage up to ₹4,000. Additionally, Paytm UPI Lite incorporates robust security measures to protect user transactions, with 3-level bank-grade security. Paytm UPI Lite balance can be used to make superfast UPI payments to any UPI QR Code, send money to any mobile number, or even transfer to one’s own self bank accounts linked to Paytm App through the self-transfer option. Currently, 16 banks support Paytm UPI Lite — Paytm Payments Bank, State Bank of India, HDFC Bank, Kotak Mahindra Bank, ICICI Bank, Axis Bank, AU Small Finance Bank, Indian Bank, Punjab National Bank, Union Bank of India, UCO Bank, Canara Bank, Central Bank of India, Federal Bank, Punjab and Sind Bank, and Utkarsh Small Finance Bank. Pioneer of mobile payments in India, Paytm has been driving convenience for users with its innovative payments solutions. With UPI Lite, the company has added another dimension to its comprehensive payments offerings, enabling reliable and superior payments experience. The fintech giant has revolutionised the way Indians transact, making everyday payments hassle-free, quick and seamless. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in

Paytm UPI Lite is leading small-value payments in India with single-click transactions that never fail

In the current landscape of increasing disposable income and a surge in point-of-sale transactions on e-commerce platforms, the usage of credit cards has experienced a notable upswing. A glance at the Reserve Bank of India’s data reveals a consistent rise in credit card spending that has been reaching new highs each month. Leveraging these insights into customer behaviour trends, <keyword id="6357120" type="General" weightage="100" keywordseo="paytm" source="Orion">Paytm</keyword> has identified opportunities and strategically introduced suitable credit products. Among these innovations, the Paytm co-branded credit cards stand out – offering customers lucrative discounts on various categories, including travel and movie tickets. Currently, Paytm has forged valuable partnerships with HDFC Bank and SBI Card, two of India’s leading credit card issuers. These collaborations not only generate substantial upfront distribution revenue but also establish a steady lifetime usage fee stream. Users can access these exclusive cards by applying on <a href="https://paytm.com/loans-credit-cards/credit-cards/">the Paytm app</a>. Paytm’s co-branded credit card business has grown significantly both in terms of new card issuances as well as spends. As of June 2023, Paytm boasts of an impressive count of 7.5 lakh activated credit cards, marking an increase of 1.6 lakh cards in the quarter. This trend is expected to grow, fuelled by the robust potential of cross-selling among Paytm’s extensive user base, many of whom have already taken loans through their platform. During the earnings call for Q1FY24, Paytm’s Founder and CEO Vijay Shekhar Sharma, underscored the instrumental role played by banks and NBFCs in ensuring easy credit availability for customers. He also believes there is a huge portion of customers still pending to come on board. “You can see the growth in the credit card spends, you can see the growth on BNPL equivalent, whether it is a large ticket or a small ticket on the counter is the growth direction. While the debit side has plateaued is not what I would say. There is a large customer base still pending to come on board. But definitely, credit is adding the flare of extra revenue and it will add to the net bps margin continuously,” said Sharma. Moreover, Sharma envisions a future where credit may become a choice of payment for many. “India is at the cusp of the next payments revolution where credit will become the mainstream payment choice. Our users are already savvy on QR code-based payments and with RuPay credit cards working on UPI QR codes, transactions through mobile phones will get a further boost, marking a new era in digital payments,” he had said during the launch of Paytm SBI Credit Card. Notably, the credit card industry in India remains largely under-penetrated, offering huge opportunities for market penetration and expansion. The landscape is open for astute players like Paytm who are poised to redefine and elevate the credit card experience for the Indian consumer. Disclaimer : This article has been reproduced from Paytm's blog. The opinions expressed are those of the organisation and do not necessarily reflect the views of Business Insider India. For further details, you can get in touch with our team on <a href="mailto:insiderstudios@businessinsider.in">insiderstudios@businessinsider.in</a>

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Paytm can onboard new UPI users again, receives NPCI nod months after RBI restrictions

BI India Bureau

Zomato to acquire Paytm's entertainment ticketing business for Rs 2,048 crore

PTI

Vijay Shekhar Sharma: The controversies of the architect of fintech

PTI

From teaching Indians to scan and pay to now a Soundbox that fits in your pocket — how Paytm rules in-store payments

Insider Studios

Paytm Soundbox achieves 13.72 billion transactions in FY23 – reinforcing in-store payments dominance

Insider Studios

Fintech pioneer Paytm is expanding its in-store payments leadership with its All-in-One Card Machine

Insider Studios

Paytm UPI Lite is leading small-value payments in India with single-click transactions that never fail

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